Rocket vs. Quicken: The Same, But Different
Quicken Loans is the largest volume lender in the United States when it comes to the total number of loans it originated in 2019, the most recent year for which statistics are available. In 2019, Quicken Loans originated over 541,000 loans.
According to statements made by CEO Bill Emerson in a press release that was issued in November of 2015, the company introduced Rocket Mortgage in 2015
3 Quicken Loans has maintained its own company website, but most customer applications are now processed on the Rocket Mortgage platform, which can be accessed either online or through a mobile app.
Several Advantages of Utilizing the Rocket Mortgage Platform’
One of the most compelling aspects of Quicken Loans is its Rocket Mortgage platform, which distinguishes itself from the competition by virtue of the streamlined online application process it provides. According to the claims made by the company, the product saves customers both time and money. It is without a doubt efficient: According to Rocket Mortgage’s website, the approval process for a mortgage loan can be completed in just eight minutes. 3
You can apply for a loan through Rocket Mortgage on any device, whether it’s a computer, a mobile phone, or a tablet, and there is no need to fax or mail in any paperwork. Because the site imports your financial data, you won’t need to fax, scan, or upload any financial documents to complete the transaction. You can have an online conversation with the loan officer who is handling your application, and electronic signatures are acceptable.
Additionally, previous customers have very positive comments to say about the company. According to the findings of the 2018 U.S. Primary Mortgage Origination Satisfaction Study conducted by J.D. Power, Quicken Loans has the highest customer satisfaction levels of any company in the country, a title it has held for nine consecutive years as of 2018.
Local expertise and connections:
Smaller banks often argue that it is to their advantage to work with people who are familiar with the local area and, in some cases, already have a working relationship with the real estate agent. Because of this, they might be in a better position to resolve any conflicts that may arise during the process of getting the loan approved. However, this does not imply that Rocket Mortgage does not provide satisfactory service to its clients. In point of fact, the company has been recognized by J.D. Power as having the highest level of customer satisfaction for the eighth year running. 6
Because the majority of people live hectic lives, it is in everyone’s best interest to minimize disruptions whenever it is in their power to do so. For instance, if you apply for a mortgage at your local bank, you might be given the option to manage all of your accounts using a single login. This is especially useful if you have multiple accounts. That can also make it simpler for you to pay the bill that you have to pay every month.
When you make payments to a bank that is located nearby, there is a good chance that the bank will take the money that you have paid them and lend it out to other people and companies in the neighborhood. Additionally, smaller banks frequently contribute to charitable causes and community gatherings in the surrounding area, which helps to strengthen the community.